Healthcare Software As A Service Market Size To Touch USD 79.56 Bn By 2030

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The global healthcare software as a service market size was reached at USD 32.62 billion in 2022 and it is expected to touch around USD 79.56 billion by 2030 with a noteworthy CAGR of 11.79% over the forecast period 2022 to 2030.

The rapid increase of the development of healthcare software as a service with various new features and increased acceptance of healthcare SaaS in healthcare clinics and hospitals with increased demand from healthcare professionals have given rise to enhance market rate. Expansion of the digitalization process across various regions includes utilization of software services over clouding and technologies developed wide usage of wireless connectivity for installing the software services into the devices. 

Which gave rise to boosting the market growth of healthcare SaaS. Furthermore, many organizations are planning to install software services in healthcare centers. The market players were involved in introducing newly developed software and gained the attention of the market. Which boosts the market to increase to a greater extent.

Healthcare Software As A Service Market Report Scope

Report Highlights

• On the basis of product includes enterprise content management, business intelligence, customer relationship management, and revenue cycle management. 
• On the basis of delivery mode and deployment includes cloud-based services and on-premises. Based on deployment services includes public, private and hybrid. 
• On the basis of end users include hospitals, health clinics, surgical departments, home care utilization, long-term, academics, business development, and other end users.
• On the basis of geographical regions includes North America, Asia Pacific, the Middle East and Africa, Latin America, and rest of the world contribute for increasing of the healthcare software as a service market.

Regional Snapshots

The geographical regions also contribute for the increase of healthcare software as a service due to multiple developed software with new variations installed in the software which attracted the market attention and increased utilization of the healthcare SaaS in the hospitals with increased demands from the health professionals. 

North America holds the highest position on the healthcare SaaS due to increased demands from the market for installing software services for easy workflow management and managing records. Asia pacific also holds the highest position in the healthcare SaaS market. Other regions such as Europe, Latin America, the Middle East and Africa also helped to boost the market rate high due to improving developments and new features in software systems increasing the market rate.

Market Dynamics

Drivers

Healthcare software services increased the market with newly developed technologies and increased demands from the market and the healthcare centers for installing the software includes benefits such as easy workflow management, management of health information, management of hospital information, telemedicine, prescription, improved interaction of doctor and patient have driven the growth of healthcare SaaS. 

It is most widely used in acute healthcare centers, chronic centers, psychiatry hospitals, rehabilitation centers, Hospitals, and health clinics plays a major role for installing the software. Covid-19 also affects the market growth for installing the software due to the increased growth of active patients. The key market players involved in developing the software help to boost the market to growth.

Restraints

The major obstacle that can hamper the growth of the market is costing of the software services due to modifications in the developments of software also led to increased costs of the software. New software with new skills adopted for performing the procedures and lack of skill among individuals may hamper the growth rate of SaaS in the market. Lack of awareness in many regions regarding software development affects the growth rate.

Opportunities

Rising developments of software services with various innovative features developed in the software systems. Developing regions with newly emerged facilities in the healthcare centers. Increased demands from health professionals for installing software services for easy workflow management, electronic health records, revenue cycle management, connections, patient health information management, telemedicine, storing and forwarding medicine, easy access to information, documentation management and many more. 

Producing effective and efficient workflow with easy workflow management and increased good output without errors have helped to boost the market to grow.  

Challenges 

Rising developments in software services development introduced from multiple companies with different features have challenged the market to grow, increasing new features and innovative technologies with the increasing cost of the software services may hinder the growth of the healthcare SaaS market. 

Software services require wireless connectivity technology lack of connectivity or low connectivity may stop workflow management in healthcare centers. Which affects to decrease the growth of the healthcare SaaS market rate. Old infrastructures could affect patient care and decrease market to growth.

Recent Developments

• In the year January 2022, Tiger connects healthcare collaboration supporter and provider of software has gained a 300.3 million funds from vista equity partners to further more expand the platform over 7000 healthcare companies use Tiger connects HIPPA- compliant software technologies. Increased communication across care teams, allowing to provide patient healthcare with low expenses.
• In the year 2022 January, Stryker introduced plans to buy Vocera communications for $2.97 billion. Vocera focused on communication and workflow and system software provided to healthcare clinics, and hospitals and increased patient care and patient-to-doctor communications. The company also produces gadgets for healthcare professionals and smartphones.

Major Key Players

• Jag Products LLC (US)
• Oracle (U.S)
• Cognizant (U.S)
• INFOR  (U.S)
• Epic Systems Corporation (U.S)
• Elinext (U.S)
• Meta (U.S)
• CPSI (U.S)
• SAP (Germany)
• Medical Informatin Techology Inc. (U.S)
• eClinicalWorks (U.S)
• athenahealth (U.S)
• Koninklijke Philip N.V (Netherlands)
• Change Healthcare (U.S)
• Cerner Corporation (U.S)
• Optum Inc. (U.S)
• Allscripts Healthcare LLC  (U.S)

Market Segmentation

By Product

• Ententerprise Content Management
• Business Intelligence
• Customer Relationship Management (CRM)
• Revenue Cycle Management (RCM)

By Delivery Mode

• Cloud- based
• On-Premise

By Applications

• Healthcare Providers
• Healthcare Players
• Telemedicine
• Medical Billing
• Patient Portal
• Mobile communication
• e Prescribing
• EHR Systems
• ERP & HR portal
• Others

By Deployment

• Public
• Hybrid
• Private

By End User

• Provider
• Payer

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